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The CII Operations Clause for Time Charter Parties is now available to download free of charge from our website.
The BIMCO Documentary Committee has adopted the CII Operations Clause for Time Charter Parties which will help the industry commercially navigate the complexities of the new CII regulations from the International Maritime Organization (IMO).
The new regulations on the carbon intensity of international shipping will come into force on 1 January 2023.
Owners and charterers need to collaborate and cooperate to manage the IMO objective to reduce carbon emissions. The clause sets out a way forward in a time charter context, where the charterers are responsible for the operation of the vessel.
Although the owners and charterers have different roles, the task to reduce carbon emissions must be shared and requires both parties to be committed to collaborate to manage this task.
When entering into a charter party, or incorporating the clause into an existing charter party, the parties are to agree on a specific CII value to be achieved each year.
As the industry likely will be facing more regulations from the IMO and the EU aimed at reducing shipping’s CO2 emissions, the need for new contracts and clauses is increasing. The CII clause is the latest addition to BIMCO’s suite of carbon clauses for time charter parties. In December 2021, we published an EEXI Transition Clause and at the end of May 2022, we released a new Emissions Trading System Allowances (ETSA) Clause for Time Charter Parties.
You can find the CII Operations Clause for Time Charter Parties here.
The Explanatory Notes to the CII Operations Clause for Time Charter Parties will be available shortly and a free of charge webinar for the industry to explain more about CII and the clause itself will be organised in the near future. Furthermore, BIMCO 180 training seminars will be organised in December and January.